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2040 Roosevelt Ave, Indianapolis, IN 46218
WALKTHROUGH THURSDAY, 5/29/2025
MUST TEXT 317-751-2308 FOR ACCESS AND TIME
PRICE DROP!!
$ 109,990 CASH (OR BEST OFFER)
AFTER REPAIR VALUE
$ 250,000
ARV is ONLY based on the existing house. Renovated comps are smaller and Sold multiple years ago. Current After Repair Value would be around $250k. New Construction homes are retailing $300-600k+ can be developed on Two buildable lots. Third buildable lot with garage/dwelling unit can be renovated or converted to a garage and a New Construction home added.
RENTAL ESTIMATE
$ 1,700
Rent-O-Meter Rate for 3 bedroom house in that neighborhood
PROPERTY DETAILS
- Single Family
- PACKAGE CONSISTING OF 1 HOUSE, POTENTIAL DWELLING UNIT AND 2 LOTS. The house at 2040 Roosevelt is on a double lot that was combined for tax purposes but can be divided back into separate lots. There is a garage that was converted in a dwelling unit at 2038. Can be restored or converted back to a standard garage and build a new house. The other lot is vacant.
- ALL VEHICLES WILL BE REMOVED BY CLOSE
- 3 Beds
- 2 Baths
- 2,034 Sqft
- Garage/dwelling unit on the 2038 lot
- Potential to renovate one home and build 3 New Construction Homes on the land.
- For-Profit New Construction Home Sale Prices in the area range from $300-600k+
- Hillside’s rejuvenating neighborhood. Close to Bottleworks. Corner lot.
- John Ed Park Re-Development In the Property’s Backyard Will Boast An Updated Basketball Court and a Playground/Water Park
- Current Occupancy Tenant Occupied
- Occupancy at Close Vacant at Close
- Close of Escrow 06/20/25
- Best Offer Due By 05/30/25 03:00 PM
- Non-Refundable Earnest Money Deposit $ 5,000
MARKET ACTIVITY
SUBJECT PROPERTY : 3 Beds / 2 Baths / 2,034 Fin Sqft
EXISTING BUILD COMPARABLES / RECENT ACTIVITY
- SOLD $230,000 – 1845 Tallman Ave / 2 Bed / 2 Bath / 1,672 Fin Sqft
- One less bedroom, Less sqft
- SOLD $220,000 – 1629 Ingram St / 3 Bed / 2 Bath / 2,068 Fin Sqft
- Sold In 2023 Market Prices Have Increased
- SOLD $200,000 – 1969 Hillside Ave / 3 Bed / 2 Bath / 1,722 Fin Sqft
- Less sqft, Sold In 2023 Market Prices Have Increased
